Publishers Clearing House, Port Washington, N.Y., on July 1 will convert its $120 million profit sharing plan into a money purchase plan and start a 401(k) plan, according to Patrick Nevins, senior manager of benefits and compensation. Currently, 1,250 employees participate in the companys profit sharing plan, he said. Fidelity Institutional Retirement Services will provide administration and record keeping for both plans. Fidelity will also supply the same seven investment options for each plan. Bank of New York had administered the old plan and provided two of the three investment options, a money market fund and a growth fund. Remaining in the new money purchase plan from the prior plan will be a Forstmann-Leff Primary Fund, an equity portfolio that held about 90% of the profit-sharing assets, Mr. Nevins said. The primary fund managed by Forstmann-Leff will not be included in the 401(k) plan, he added. The Bank of New York will continue to be the custodian and trustee of the primary fund.